Relationship marketing is an aspect of CRM (Customer Relationship Management) that focuses on consumer loyalty and creating long-term relationships with them.

Relationship marketing is dedicated to creating a long-term relationship with each of the company’s clients.

It seeks to foster customer loyalty by providing exemplary products and services, rather than trying to encourage a single sale.

One of the most costly and difficult things any company faces is attracting new customers. Significant expenses are required to capture a potential customer’s attention and lead them to a decision that results in a sale. Attracting a new customer can cost five times more than retaining an existing one.

Relationships

The goal of relationship marketing is to create strong, even emotional relationships that connect the company with the customer to generate repeat purchases and positive word-of-mouth, the latter leading to increased sales and loyalty. Generally, this type of marketing targets the entire company/brand, not just a single product, thus increasing the chances of satisfying a customer and maximizing the benefits of the relationship with them.

Relationship marketing and transactional marketing have two antithetical approaches; transactional marketing focuses on increasing the number of individual sales. In this case, the cost of attracting a new customer may be insufficient: the consumer may choose to buy your product, but without a strong relationship marketing strategy, there is a possibility they will not return to your brand. Although many companies combine aspects of both relationship and transactional marketing, in recent years, due to market dynamics, relationship marketing has played a more important role for many companies.

To create the best possible relationship, relationship marketing also involves creating easy communication channels between the consumer and the company. In addition, great emphasis is placed on observing each consumer’s activities and information to offer products/services as close as possible to their desires and to anticipate their “moves.” The evolution of technology plays an important role in these actions. The Internet allows for easy observation and analysis of consumer information to subsequently provide personalized offers, personalized promotion, or free complementary services to show appreciation for the loyalty they demonstrate.

A long-term relationship requires providing satisfaction to consumers. If you want to ensure that your loyal customer base is satisfied, you must monitor this constantly through satisfaction studies.

Ask for their opinion, ask them what their desires are!

After each “monitoring,” the results can be transformed into ideas for implementation to increase the level of satisfaction, can be compared with previous results, and help the company have a clear perspective on the market. The most recommended methods for monitoring consumer satisfaction are:

  • The existence of a system for suggestions and complaints
  • Feedback given to employees / requested by employees
  • Opinion polls / questionnaires
  • Focus groups
  • Individual / personal interviews
  • Mystery shoppers

MKOR Consulting has extensive experience in customer satisfaction research. We offer you the opportunity to find out everything you need to know about your customers through market research targeted at customer satisfaction. The only thing you need to do is tell us.